Automotive Market Outlook 2023-2024 by Vehicle Type (Passenger Vehicles (PV) and Commercial Vehicles (CV)), Propulsion Type (ICE and Electric) , Passenger Car – segments (Sedan, Hatchback and Utility Vehicles) and Region – Global Forecast to 2024

The Global Automotive market will have a global passenger vehicles and commercial vehicles combined sales of 92 million units in 2023 and is projected to 95 million units in 2024, witnessing a YoY growth of 3.1% from 2023 to 2024.

The growth of the automotive market is influenced by various factors such as adoption of electric vehicles, development and manufacturing of long-range batteries along with installation of fast and ultra-fast charging points, introduction of autonomous vehicles, deployment of 5G connectivity and trends related to used cars.

Countries such as China, Brazil, South Korea and India have increased their investments in the development of automotive industry due to the growing urban population and economy in these countries. Due to such investment demand for automotive market will be more during the forecast period.

“Autonomous vehicles are anticipated to witness significant growth in 2024”

The introduction of autonomous cars with enhanced safety features and higher level of automation is shifting the trends in the automotive market. Numerous OEMs are introducing Level 2 and Level 3 autonomous vehicles, including Nissan (Japan), Honda (Japan) , Audi (Germany), BMW (Germany), and Mercedes-Benz (Germany). OEMs such as BMW and Mercedes have received approval for L3 autonomous vehicles in Germany and the US, respectively. BMW has also received approval to test its L3 vehicles in Shanghai, China. We expect L3 vehicle sales to gain pace in 2024 as these OEMs start rolling out their L3 models. In addition to testing the cars on roads several tech giants and OEMs have adopted acquisition strategies to take over smaller companies that operate in the space of developing driverless or autonomous technology.

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“Asia Pacific is expected to be the largest market in 2024.”

Asia-Pacific and Middle East regions hold the major share in the sales volume of PV and CV combined. The major factor for this is the intensive manufacturing and export of cars in China. The Chinese market is the worlds largest market in terms of vehicle sales as well as production. In 2023, China’s sales volume for passenger vehicles was over 25 million units, with a share of around 50% globally. China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. The Asia region has seen growth in automobile production in 2022 and 2023. Continuing this trend, the Asia region will dominate the market in 2024.

Key Players

The top automobile OEMs in the market are General Motors (USA), Tesla (USA), Volkswagen (Germany), Ford (USA) , BYD (China) and so on. The other companies that support the automobile industry with technology development are ABB, Siemens, Bosch and others. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the automotive market.

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